BlackRock fund buys 90% in 200 MW of Aussie solar projects

Solar farm. Author: Alan Levine.

Aug 11 (Renewables Now) - A private fund focused on wind and solar assets, managed by BlackRock Real Assets, has taken a 90% stake in a 200-MW solar portfolio in Queensland, developed by Australian firm Edify Energy.

The two projects in the portfolio, the 150-MW Daydream and 50-MW Hayman solar parks, are nearing the start of construction. They are expected to be fully online in 2018.

The transaction with BlackRock is touted as one of the largest solar portfolio financings in the Australian market. “The move into Australia represents a key part of the firm’s long-term renewable power strategy, by which we continue to invest in attractive markets in order to provide a flow of addressable investment opportunities for our clients,” said Jim Barry, Global Head of BlackRock Real Assets.

The Clean Energy Finance Corp (CEFC), Commonwealth Bank of Australia (ASX:CBA) and Natixis (EPA:KN) are providing long-term debt finance for the projects. Edify, which will keep a 10% equity stake in them, is in charge of construction and long-term asset management.